Probe Manufacturing Reports 86% Revenue Growth For its Fiscal First Quarter 2011 Results
12:57p ET May 17, 2011 (Business Wire) Probe Manufacturing, Inc., (PMFI.PK), a global electronics design & manufacturing services company, today reported results for its fiscal first quarter of 2011, which ended on March 31st, 2011. The company reported 86% revenue growth of $906,313 and net quarterly profit of $24,729 compared to revenue of $487,506 and net profit of $16,157 in the comparative quarter of 2010. Probe's customer base has increased from 8 to 21 accounts since fourth quarter of 2009. Net cash provided from operations was $228,535 compared to $71,042 from the prior year's first quarter.
Summary financial information
for the three months ended March 31,
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2011 2010
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Sales 906,313 487,506
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Gross Profit 258,761 151,356
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Net Income 24,729 16,157
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as of March 31, 2011 as of December 31, 2010
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Cash 106,033 (47,502 )
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Working Capital 73,806 44,385
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Total Assets 1,405,939 994,964
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Long term Debt 2,327 5,932
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Stockholder Equity 207,902 183,175
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"We're very excited about the performance of our business; our company is firing on all cylinders and the development of our customer base continues to fuel our growth at a remarkable, yet manageable rate," said Kam Mahdi, PMI's CEO. "Our low cost, flexible and high quality model has become a successful formula for our customers and our stakeholders. We've been growing at an accelerated rate while maintaining a low overhead and profitability. Our business model is allowing our customers to take advantage of lower manufacturing cost through our strategic partnerships overseas, while keeping the bulk of their manufacturing in our California factory and supporting our local economy as our employee base continues to grow."
"We have also been assisting several innovative start-ups over the last year. As a result, we have helped to develop leading edge technologies by providing engineering and new product introduction services. Our customer centric management team is sourcing and qualifying lower cost and higher volume capacity competences through factories here and worldwide. This is a win-win situation for everyone and we will be making announcements about these exciting technologies soon," said Kam Mahdi, PMI's CEO.
"We're looking forward to the second fiscal quarter of 2011, as we expect revenue to continue to increase due to the addition of new customers," said John Bennett, PMI's CFO.
About Probe Manufacturing, Inc.
Probe Manufacturing is a global electronics design & manufacturing services company providing innovators with business services through our factory in California as well as factories Worldwide. Headquartered in Irvine, California, Probe has been serving industrial, instrumentation, medical, aerospace, defense, and automotive industries since 1994. Probe's common stock is traded on the bulletin board under the symbol PMFI.PK. Further information is available on Probe's website: www.probeglobal.com.
This release contains certain forward-looking statements (under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) with respect to whether Probe's business strategy to become a global EMS provider will be financially beneficial to the Company and whether it can maintain its revenue growth experienced in the last three months. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: uncertainties relating to changes in general economic and market conditions; uncertainties regarding changes in the EMS industry; the uncertainties relating to the implementation of our global business strategy; and other risk factors as outlined in the company's periodic reports, as filed with the U.S. Securities and Exchange Commission. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
SOURCE: Probe Manufacturing, Inc.
for Probe Manufacturing, Inc.
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